EUR/USD has moved out of its short-termdeclining channel, suggesting a potentialextension of the current rebound. Hourlyresistances can be found at 1.2509 (10/11/2014high) and 1.2577 (04/11/2014 high). An initialsupport lies at 1.2454 (intraday low), while hourlysupports stand at 1.2395 (11/11/2014 low) and1.2358.
In the longer term, EUR/USD is in a downtrendsince May 2014. The break of the strong supportarea between 1.2755 (09/07/2013 low) and 1.2662(13/11/2012 low) has opened the way for adecline towards the strong support at 1.2043(24/07/2012 low). A key resistance stands at1.2886 (15/10/2014 high).
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